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Certified Rate Review
Where does Certified Rate do business?
Certified Rate is a licensed mortgage broker (NMLS# 1857498) with headquarters in Manhattan Beach, CA.
The company was founded in 2019 and helps borrowers find a direct lender that will approve the loan amounts, rates, and terms they require.
How does Certified Rate get paid?
Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.
Certified Rate gets paid by borrowers. This means Certified Rate works for you and will not be influenced by lender commissions. This fee model may help borrowers get lower rates and better terms, but it can also increase the upfront mortgage costs.
What fees does Certified Rate charge?
Although cost should not be the only factor when choosing mortgage brokers, it is smart to compare the rates, fees, and services mortgage brokers offer before making a decision.
Does Certified Rate charge broker administration fees?
No, Certified Rate does not charge a broker administration fee.
Does Certified Rate charge broker loan origination fees?
No, Certified Rate does not charge a broker loan origination fees.
Does Certified Rate charge broker upfront fees?
No, Certified Rate does not charge broker upfront fees.
Does Certified Rate charge a yield-spread premium?
No, Certified Rate does not receive a yield spread premium from borrowers. Brokers that are paid a yield-spread premium from lenders have an incentive to steer borrowers to lenders thatt offer higher yield-spread premiums even if they qualify for a lower interest with another lender. This is not always bad for borrowers as it can lower the upfront costs of a mortgage. For instance, borrowers who only plan to hold a mortgage for a few years may find this option cheaper.
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What mortgage programs does Certified Rate offer?
Certified Rate offers the following mortgage programs:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What types of mortgage does Certified Rate broker?Certified Rate works with the following types of mortgages:
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